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‘Seniors’ run 30% of Australia firms

15 October 2015 by News Desk

economy_business01Around one third of all new firms in Australia are led by seniors – people over 50 years old.

More than 590,000 start-up business owners in Australia are over 50 and seniors are the fastest growing entrepreneurial group. Eight per cent of Australians aged 55-64 are entrepreneurs, 3% above the average for innovation-driven economies.

A new study by Swinburne University says there has been little recognition of the potential of older people to participate in start-ups and turn them into large employers, or the need for older people to create their next job rather than apply for it.

Older people often have the skills, financial resources and time available to contribute to economic activity, which is why there are a growing number of senior entrepreneurs. About 75% identified entrepreneurial activities as a means of maintaining an active lifestyle and achieving personal goals.

The study found that senior entrepreneurs worked fewer hours per week than their younger counterparts, had more industry experience, invested more in their business and earned higher profits averaging $264,000 per annum.

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